Enap Profits Rise 69% in 2005 on Higher Margins, Sales

Chile's state oil company Enap posted net profits of US$198mn in 2005, up 69% from US$117mn in 2004 due to higher refining margins and volume of sales, the company told securities regulator SVS.

Total revenues increased 41.3% to US$6.67bn in 2005 from US$4.72bn in the previous year.

Operating profits rose 79.5% to US$448mn from US$250mn due to higher crude and refined product prices and an increase in physical sales compared to 2004, the statement said.

Operating costs, however, increased 40.4% to US$6.15bn from US$4.38bn in 2004 due to higher costs of imported crude oil, Enap said.

Administrative and sales expenses fell 21.2% to US$75mn.

Non-operating losses in 2005 were US$79mn, up from losses of US$66mn in 2004 due to the change in Enap's accounting currency to US dollars from pesos as of January 1, 2005 as well as higher financial expenses.

Enap's net equity rose to US$919mn as of December 31, 2005 from US$758mn at end-2004.

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